You are here » Home » Companies » Company Overview » Enbee Trade & Finance Ltd

Enbee Trade & Finance Ltd.

BSE: 512441 Sector: Financials
NSE: N.A. ISIN Code: INE993I01011
BSE LIVE 14:59 | 28 Feb Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 96.00
PREVIOUS CLOSE 96.00
VOLUME 4
52-Week high 99.75
52-Week low 53.30
P/E 71.64
Mkt Cap.(Rs cr) 15
Buy Price 96.00
Buy Qty 1.00
Sell Price 0.00
Sell Qty 0.00
OPEN 96.00
CLOSE 96.00
VOLUME 4
52-Week high 99.75
52-Week low 53.30
P/E 71.64
Mkt Cap.(Rs cr) 15
Buy Price 96.00
Buy Qty 1.00
Sell Price 0.00
Sell Qty 0.00

Enbee Trade & Finance Ltd. (ENBEETRADE) - Auditors Report

Company auditors report

To the Members of

ENBEE TRADE AND FINANCE LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of ENBEE TRADE ANDFINANCE LIMITED ("the Company") which comprise the Balance Sheet as at 31March 2016 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("the saidOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in the paragraphs 3 and 4 of the said Order.

2. As required by Section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms ofSection 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B"; and

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection

iv. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Ambavat Jain & Associates LLP

Chartered Accountants

Firm’s Registration No: 109681W

Sd/-

Chirag Shah

Partner

Membership No: 125997

Place: Mumbai

Date: 30th May 2016

INDEPENDENT AUDITOR'S REPORT

Annexure A to the Auditors' Report

The Annexure referred to in Independent Auditors’ Report to the members of theEnbee Trade & Finance Limited on the standalone financial statements for the yearended 31st March 2016 we report that:

i. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets

b. All fixed assets were physically verified by the management in the previous year inaccordance with a planned programme of verifying them once in three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification

c. The Company does not have Fixed Assets as at the year end.

ii. The Company’s business does not involve inventories and accordingly therequirements under paragraph 3(ii) of the Order are not applicable to the Company.

iii. The Company has granted loan to one entity covered in the register maintainedunder section 189 of the Companies Act 2013 ("the Act").

a. In our opinion the rate of interest and other terms and conditions on which theloan had been granted to the entity listed in the register maintained under section 189 ofthe Act were not prima facie prejudicial to the interest of the Company. b. In the caseof the loans granted to the entity listed in the register maintained under section 189 ofthe Act the borrower have been regular in the payment of and interest as stipulated. c.There are no overdue amounts in respect of the loan granted to the entity listed in theregister maintained under section 189 of the Act

iv. The Company is an NBFC. Hence the provisions of Section 185 are not applicable tothe Company. However Section 186 is applicable and the Company has complied with theprovisions of the same.

v. The Company has not accepted any deposits from the public. vi. The Company is notliable to maintain Cost Records under Section 148(1) of the Companies Act 2013. vii.Statutory dues:

a. According to the information and explanation given to us and on the basis of ourexamination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues in respect of provident fund income taxsales tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the Company with theappropriate authorities. As explained to us the Company did not have any dues on accountof employees’ state insurance and duty of exercise.

According to the information and explanation given to us no undisputed amounts payablein respect of provident fund income tax sales tax value added tax duty of customsservice tax cess and other material statutory dues were in arrears as at 31st March 2016for a period more than six months from the date they became payable.

b. According to the information and explanations given to us and the records of theCompany examined by us there are no disputed dues in respect of Income tax sales taxduty of customs duty of excise service tax and value added taxed were outstanding at theyear end.

viii. The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable

ix. The Company did not raise any money by way of initial public offer (including debtinstrument) and term loans during the year. Accordingly paragraph 3 (ix) of the Order isnot applicable.

x. In our opinion and according to the information and explanation given to us nofraud on or by the Company by its officers or employees has been noticed or reportedduring the course of our audit that causes the financial statements to be materiallymisstated. xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the companies has made preferential allotmentof share during the year under review and have complied with the provisions of section 42of the Companies Act 2013. Further the amounts raised have been used for the purposes forwhich the funds were raised.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non- cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xb) ofthe Order is not applicable.

xvi. The Company is registered under Section 45-IA of the RBI Act 1934

xvii. and has received a Certificate of Registration from the Reserve Bank of India(‘RBI’) on 20th April 1998 to commence/carry on the business of Non-BankingFinancial Institution (‘NBFC’) without accepting public deposits.

For Ambavat Jain & Associates LLP

Chartered Accountants

Firm’s Registration No: 109681W

Sd/-

Chirag Shah

Partner

Membership No: 125997

Place: Mumbai

Date: 30th May 2016

Annexure B to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Enbee Tradeand Finance Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence I/we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company’s internal financial controls system over financialreporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In my/ our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Ambavat Jain & Associates LLP

Chartered Accountants

Firm’s Registration No: 109681W

Sd/-

Chirag Shah

Partner

Membership No: 125997

Place: Mumbai

Date: 30th May 2016